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This is a common problem with the PS3 and is caused by a problem with the laser on the Bluray drive which is malfunctioning and can no longer 'see' or read the game disk properly.

The PS3 uses a dual laser system. This consists of either a dual refractor type lens or two entirely seperate lenses depending on which pickup is fitted to your particular system. One laser is for reading ordinary DVD disks and PS2 disks and the other for Bluray and PS3 games.

The symptoms you describe are quite typical of a failure of one or both of these lasers.

For more information on how to resolve the problem please have a look at this FixYa Tip on the subject.

If this is a rental copy the most likely answer is simply that the disk is scratched or damaged to the point that your PS2 can't read it.
With rental games you also need to double check that store staff placed the correct disk in the box, have a look at the disk an ensure it is not an XBox copy.
This message would normally suggest however that the copy you have is not from the same region as you're PS2, if you have a US PS2 it will only play US PS2 games, if you have a UK PS2 it will only play UK PS2 games Etc. you cannot play UK games on a US PS2 and vice versa unless your PS2 is fitted with a 'mod chip' and you will usually require a 'swap disk' as well.
**be sure you understand the copyright issues involved if you decide to pursue this**
Another possibility is that it is a DVD R, not a legitimate disk, without a 'mod chip' your PS2 will not read games written to DVD R/RW (and doing so is most definitely illegal regardless what those to cheap to pay for there games will tell you about "backups").